GBP/AUD reversed from combined support zone

GBP/AUD reversed from combined support zone

GBP/AUD reversed from combined support zone

Next buy target - 1.7650

GBP/AUD continues to rise after the earlier upward reversal from the combined support zone lying between the support level 1.7200 (former strong resistance level from January), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the middle of April. The upward reversal from this support zone stopped the earlier minor impulse wave (iii).GBP/AUD is expected to rise toward the next buy target at the resistance level 1.7650 (which reversed the previous primary ABC correction ② at the start of May, as can be seen below).

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